Staying on top & being compliant

In this week’s small business blog we’re briefly discussing bookkeeping and back-of-house (BOH), local law and regulations… fun.

A lot of people don’t get that running a business has lots of layers. Like an onion, to quote Donkey.

onions have layers

Staying on top of your business duties can be full on if you are a new business owner and don’t have previous business or admin experience.

Have you considered what Point of Sale (POS) system you will use? Have you thought about who will do your bookkeeping? And if you will do it, have you scheduled time in your roster for that or will it eat into your (soon to be) precious ‘me’ time?

We asked a Grouch regular, Director of Collins Moore Chartered Accountants, Scott Collins, what he thinks about BOH practices and business admin.

His first tip is to “always seek professional advice BEFORE you start your business.” Engaging professionals will give you an added insight to where you stand financially and how prepared you are to open. They can assist with forecasting and advise on POS and BOH systems to use.

He alludes to covering your butt when it comes to bookkeeping, if you don’t have the right experience behind you. “It doesn’t have to be expensive to get your books completed but it is to FIX them afterwards,” he says.

And finally, to make your life easier “always seek to automate,” says Scott. If you want a system that’s as intelligent as you (or even more so) that can manage things like integrations, immediate sales reporting, and automatic statements, Scott reckons “XERO is King”.

Get the right advice or this could be you…

Your local council will have loads of info on how to stay compliant with business regulations. Things to consider are;

Health and Environmental laws and regulations, such as noise regulations, outdoor or alfresco dining, smoking laws and regulations, and parking

Local Council policy or local law

Business permits/trading permits

Food and beverage service regulations and requirements

Be aware that your local food, health and safety officer will keep a close eye on new businesses, so ensure you’ve got the latest forms, templates and registers on hand and up-to-date. But don’t despair, these people needn’t be your enemy. They are fabulous people who can be really helpful.